Iris Automation Inc, a Vancouver-founded provider of collision avoidance for commercial drones, has raised US$8 million in a Series A financing. Bessemer Venture Partners led the round and was joined by Bee Partners. Iris, which is now located in San Francisco, has built an artificial intelligence-based situational awareness platform for drones and air taxis intended to enable their widespread use without the risk of collisions or catastrophes. Led by CEO Alexander Harmsen, a Canadian entrepreneur, the company will use the funds raised to expand its team and scale its technology.
4 min read · 18 January 2018
Ottawa said it will invest $700 million over the next five years in Canada's emerging clean technology sectors. The federal government's allocation will be managed by the Business Development Bank of Canada (BDC). BDC is expected to take on additional risk to help clean technology companies succeed by providing them with the capital required to hire staff, develop products, support sales, scale up and compete globally. Ottawa also announced the launch of Clean Growth Hub, which will support clean technology companies and projects, as well as coordinate programs and track results.
4 min read · 18 January 2018
Canadian alternative investment firm Brookfield Asset Management and Canadian private equity firm Onex Corp are preparing a bid for IWG Plc that will value the company at about 2.7 billion pounds (US$3.7 billion), according to a report by Bloomberg. Based in Zug, Switzerland, IWG is a provider of flexible workplaces with close to 3,000 locations in more than 100 countries. Last month, IWG said that Brookfield and Onex had together made an "indicative proposal" to potentially acquire the business. No financial terms were disclosed.
1 min read · 18 January 2018
Data Nerds, a Kelowna, British Columbia provider of online property data solutions, has raised $3 million in a Series A financing. The round's backers included Foundry Group, Next Big Ventures, V1.vc and Techstars Ventures. Founded in 2014 by CEO Joshua Fraser, Data Nerds aggregates, digitizes and standardizes property data and presents it to businesses and consumers through its API and suite of products. The funding event comes as the company is finalizing a rebrand of data API and property report products under the new name, Estated. Data Nerds also has an office in Denver, Colorado.
3 min read · 18 January 2018
Ottawa-based diversified engineering company McIntosh Perry Consulting Engineers Ltd has acquired ARA Engineering Ltd, a provider of transportation infrastructure engineering consulting services based in Calgary. No financial terms were disclosed. The deal was supported with an investment from Canadian private equity firm Signal Hill Equity Partners, which has backed McIntosh Perry since 2016. James Johnson, managing partner of Signal Hill, said the buy supplements the company's infrastructure engineering capabilities in Western Canada as it continues to expand across the Canadian industry.
3 min read · 18 January 2018
3 min read · 18 January 2018
Sagard Holdings, an investment arm of Power Corp, has raised about $325 million (US$260 million) in the first close of a debut credit fund managed by former members of Canada Pension Plan Investment Board’s private debt group. Sagard Credit Partners LP, earmarked for loans to North American mid-market companies, secured more than half of its $625 million (US$500 million) target in the initial close. It is expected to wrap up by the end of 2018, Sagard Managing Partner and CIO Adam Vigna told PE Hub Canada. SCP, Sagard’s first fund marketed to third-party investors, was anchored by Canadian limited partners.
3 min read · 18 January 2018
Razor Energy Corp (TSX-V: RZE), a Calgary junior oil and gas company, has secured an increase of $15 million in its non-revolving term loan facility from Alberta Investment Management Corp (AIMCo). The increase brings the facility to $45 million in total. Razor, which is focused on acquiring and enhancing producing properties located in Alberta, said it will use the proceeds for its development program and other priorities. AIMCo, which entered into a financing partnership with Razor in 2017, was issued additional common shares as a result of the deal.
4 min read · 17 January 2018
Canadian specialty finance firm Crown Capital Partners has supplied a $33 million loan to Baylin Technologies Inc (TSX: BYL), a Toronto-based provider of wireless antenna solutions. The loan was syndicated with Crown limited partners Portland Investment Counsel and Nicola Wealth Management. It will support Baylin's acquisition of the radio frequency, terrestrial microwave and antenna equipment units of Advantech Wireless Inc, a Montréal-based wireless broadband communications company. In a separate release, Baylin said the deal reflects an upfront purchase price of $49 million.
3 min read · 17 January 2018
Toronto-based pharmaceutical company Scythian Biosciences Corp (TSX-V: SCYB) has increased the size of its bought deal offering to about $14.4 million, including the greenshoe option. Additional investors, including Canadian family office Serruya Private Equity and Canadian private equity firm Delavaco Group, will contribute. The company is raising a comparable amount from Canadian medical cannabis producer Aphria Inc. Scythian is focused on developing a cannabinoid-based combination drug therapy for the treatment of concussions and traumatic brain injury. It intends to use the deal's proceeds for working capital and other priorities.
4 min read · 17 January 2018
